French building materials firm agrees sale with private equity firm PAI Partners
Lafarge is to sell its roofing business to private equity group PAI Partners in a deal worth £1.6bn.
The amount includes £1.3bn cash for the shares and about £283m of debt and pension liabilities.
The French building materials company said the sale was in the best interest of shareholders and employees and it will retain a 35% stake in the new business and have seats on the board.
Lafarge main business areas are cement, aggregates and concrete, roofing and gypsum. In the six months to 30 June, roofing posted a 6.6% rise in sales to £488m compared with the same period last year. It accounted for 8% of Lafarge’s overalls interim sales.